Big Banks Got Huge Tax Cuts, Then Hiked States’ And Cities’ Interest Rates

The monster banks get monster tax cuts … then turn around and hike interest rates for states and cities. The hikes could translate into millions of dollars of extra costs for cash-strapped municipalities. Creating Public Banks would cut these middlemen — along with the enormous soaring drain of interest payments and fees — out of public budgets. Bloomberg: “It takes away from money that would help the state’s reserve, or it takes away from money the state may appropriate for other statewide public purposes,” said David Erdman, the capital finance director for Wisconsin, whose payments on a $279 million loan will jump by about $750,000 next year.
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